Telemark Asset Management LLC Buys Shares of 40,000 Atlassian Co. (NASDAQ:TEAM)

Telemark Asset Management LLC purchased a new position in shares of Atlassian Co. (NASDAQ:TEAM) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 40,000 shares of the technology company’s stock, valued at approximately $9,735,000.

Several other hedge funds also recently modified their holdings of the company. Rakuten Securities Inc. boosted its stake in shares of Atlassian by 17.4% during the 4th quarter. Rakuten Securities Inc. now owns 1,085 shares of the technology company’s stock worth $264,000 after purchasing an additional 161 shares during the last quarter. Essential Planning LLC. acquired a new stake in shares of Atlassian during the 4th quarter worth about $6,666,000. Great Lakes Advisors LLC acquired a new stake in shares of Atlassian during the 4th quarter worth about $1,944,000. EverSource Wealth Advisors LLC boosted its stake in shares of Atlassian by 40.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 789 shares of the technology company’s stock worth $192,000 after purchasing an additional 229 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its stake in shares of Atlassian by 9.0% during the 4th quarter. Sequoia Financial Advisors LLC now owns 2,099 shares of the technology company’s stock worth $511,000 after purchasing an additional 174 shares during the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on TEAM. The Goldman Sachs Group raised their target price on shares of Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Jefferies Financial Group raised their target price on shares of Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. Piper Sandler raised their target price on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Morgan Stanley raised their price target on shares of Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Macquarie raised their price target on shares of Atlassian from $290.00 to $317.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Eight equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $319.71.

Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $278.13, for a total value of $2,210,577.24. Following the completion of the sale, the chief executive officer now owns 79,480 shares of the company’s stock, valued at $22,105,772.40. This represents a 9.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Anutthara Bharadwaj sold 1,520 shares of the company’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the sale, the president now directly owns 210,471 shares of the company’s stock, valued at $54,690,889.35. The trade was a 0.72 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 264,553 shares of company stock valued at $72,358,556. 38.55% of the stock is currently owned by company insiders.

Atlassian Stock Performance

Atlassian stock opened at $226.44 on Thursday. The company has a market cap of $59.33 billion, a PE ratio of -168.98 and a beta of 0.91. The company has a fifty day moving average price of $274.77 and a two-hundred day moving average price of $233.52. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $326.00.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Research analysts expect that Atlassian Co. will post -0.34 earnings per share for the current year.

Atlassian Company Profile

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.